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Due Date Postponement on Certain Federal Tax Returns and Payments

Concerning the ongoing coronavirus pandemic, the President of the United States has issued an emergency declaration on March 13th, 2020 with regards to the relief in the tax deadlines of Americans, who have been affected by the pandemic. According to this notice, the taxpayers are offered certain relaxations concerning the Federal tax payments and Federal tax returns under section 7508A of the Internal Revenue Code. Section 7508A renders the secretary of the Treasure to postpone the time...

1040 Federal Income Tax Form Due Date Extended From April 15 to May 17, 2021

The 1040 tax form is used for personal federal income tax returns filed by US citizens and also helps to determine the total taxable income of the taxpayer and find out how much is to be refunded by the government. The IRS reported the individual federal income tax filing deadline is extended from April 15, 2021, to May 17, 2021, for the 2020 tax year due to pandemic. Individual taxpayers can also reschedule federal income tax payments...

Know about the 1040X form?

Did you make errors in your income tax returns? It happens, and taxpayers get relief with the 1040X form. If you have forgotten about credit or tax deduction and need to include details regarding income, an amended tax filing is ample. Still not clear? Let us dive into detail and know more about the 1040X form. What is the 1040X form? The IRS provides a 1040X form for amending US individual income tax forms. For individuals identifying...

Need to Know More About Schedules for Form 1040

In this article, let us find the various schedules for Form 1040 and their uses to the tax payers. Check out the information for each schedule and apply accordingly. Form Schedule Form Description Form Information Form 1040 Schedule A Itemized Deductions Includes recent updates, related forms and instructions on how to file. Schedule A  is used by the tax filers to report their itemized deductions.   Form 1040 A or Form 1040 Schedule B Interest and Ordinary...

Understand Tax Benefits for Higher Education

Do you know that you can be able to deduct education expenses paid during the tax year? These tax benefits of higher education are applicable for yourself, your spouse, or children. Note that this tax deduction cannot be applied if your tax filing status is married filing separately or when your dependent can claim an exemption for you as a dependent on his or her tax return. The qualified expenses are valid only for higher education. Tax...

Making Changes to Benefits for Dependents

As we all know that there will be a lot of changes starting this new year in terms of the tax structure, filing your annual returns, claiming your tax, getting tax exemptions and benefits, and so on, so you are required to be aware of all the changes. Taxpayers with kids may are also eligible now to claim specific tax benefits. Parents must consider child-related tax benefits while they are filing their annual tax return: Dependent –...

How to Fill Out a Schedule C Tax Form?

If you are a regular employee, you will receive a W2 form that states you need to know. Then you will fill the 1040 form and file them. But when you are self-employed and receive Form 1099 as a contract employee, you need to include the IRS Schedule C form along with your personal tax filing. Schedule C is also called “Profit or Loss from a Business”. Understand the form better, so that you can report your...

Use the Right Filing Status to Benefit Student Loan Payments

Taxpayers who recompense their student loan using ICR, IBR or PAYE repayment plan must be a little more cautious while filing their tax returns. Because the filing status of the tax returns you chose will affect your repayment plan. Benefits Student Loan Payments When the taxpayers are married, they must decide whether to file the tax return along with their spouse using the status “married filing jointly” or just to keep the income separate by filing “married...

COVID-19 PANDEMIC PROMPTS MANY TAX CHANGES

The government responded to the COVID-19 pandemic by giving breaks for the American taxpayers from filing forms to paying taxes. Filing and Payment Suspensions The IRS released a notice stating that they are suspending much federal tax amount and filing deadlines to July 15, 2020. For people whose filing and paying falls on or after April 1, 2020, and before July 15, 2020. This applies to all the taxpayers. There will no penalty or interest for the...

Federal Form 1040 Schedule C Instructions

The Form 1040 Schedule C is used to report the income or loss from the business that you operate or practiced as a sole proprietor. This article specifies the Federal Form 1040 Schedule C instructions. Federal Form 1040 Schedule C Instructions Filers of Form 1041, do not complete the block labeled “Social Security Number (SSN)”. Instead, you need to enter the Employer Identification Number (EIN) provided to the trust or estate. Define the business, that provided the...